You can collect Social Security as early as age 62, but your monthly payment will be permanently smaller than if you wait

The earliest age to claim Social Security retirement benefits is 62. However, claiming at 62 means you receive a reduced monthly payment for the rest of your life — typically 30 percent less than you would get at your full retirement age, which depends on your birth year. If you wait until 70, your monthly payment increases by about 8 percent for each year you delay past your full retirement age, up to age 70.

The choice between claiming early, at full retirement age, or delaying is a trade-off between getting money sooner in smaller amounts or waiting longer for larger amounts. There is no single "right" answer — it depends on your health, how long you expect to live, whether you need the money now, and whether you plan to work while collecting.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be permanently reduced by roughly 30 percent compared to waiting until full retirement age.
  • Your full retirement age is between 66 and 67, depending on whether you were born before or after 1960.
  • Waiting until age 70 increases your monthly payment by about 8 percent per year beyond your full retirement age, for a total increase of roughly 24 to 32 percent.
  • If you claim before full retirement age and continue working, your benefits may be reduced further until you reach full retirement age.
  • You must have earned enough work credits (typically 40 credits, or about 10 years of work) to receive any Social Security benefit.

Full Retirement Age Depends on Your Birth Year

Full retirement age is the age at which you can claim your full benefit amount with no reduction. This age has been gradually increasing and varies by birth year.

If you were born in 1943 or earlier, your full retirement age is 65. If you were born between 1943 and 1954, your full retirement age is gradually increasing — for example, if you were born in 1950, it is 66 and 2 months. If you were born between 1955 and 1959, your full retirement age continues to increase by two months per year. If you were born in 1960 or later, your full retirement age is 67.

You can find your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213. Knowing this number is important because it is the baseline for calculating how much your payment increases if you delay or decreases if you claim early.

Claiming at 62: The Permanent Reduction

If you claim at 62 and your full retirement age is 67, your monthly benefit is reduced by about 30 percent. If your full retirement age is 66, the reduction is about 25 percent. The exact reduction depends on how many months early you are claiming.

This reduction is permanent. If you claim at 62 and receive $1,000 per month, you will receive $1,000 per month (adjusted for cost-of-living increases) for the rest of your life — you cannot change your mind later and get the full amount. This matters because Social Security is designed to pay roughly the same total amount over your lifetime whether you claim early or late; claiming early means you get more payments but smaller amounts, while claiming late means you get fewer payments but larger amounts.

Claiming at 62 makes sense if you need the money now, if you have health reasons to believe you will not live to your mid-80s, or if you are unemployed and cannot find work. It is less advantageous if you are in good health and expect to live into your 80s or 90s, because the larger payments you would receive by waiting will eventually add up to more total money.

Waiting Until Full Retirement Age or Beyond

If you wait until your full retirement age, you receive 100 percent of your benefit amount with no reduction. If you continue working and earning income, your benefits are not reduced once you reach full retirement age, even if you have not yet turned 70.

If you delay past your full retirement age, your benefit increases by about 8 percent per year until age 70. Someone with a full retirement age of 67 who waits until 70 receives roughly 24 percent more per month than they would at 67. After age 70, the benefit no longer increases, so there is no financial advantage to delaying past 70.

Delaying makes sense if you are still working and earning good income, if you are in excellent health, if you have family history of longevity, or if you have a spouse who will benefit from your higher payment amount (through spousal or survivor benefits). It also makes sense if you do not need the money yet and can afford to wait.

How Earnings Affect Benefits Before Full Retirement Age

If you claim before your full retirement age and continue to work, your Social Security benefit is reduced by $1 for every $2 you earn above an annual limit. In the year you reach full retirement age, the reduction is $1 for every $3 earned above a different (higher) limit, and only earnings before the month you reach full retirement age count.

These limits change each year. You can find the current limits on the Social Security Administration website. The reduction stops once you reach full retirement age, regardless of how much you earn.

This rule affects people who claim at 62 or 63 and continue working. For example, if you claim at 62 and earn $30,000 per year while the annual limit is $23,400, your benefit is reduced by $3,300 (half of the $6,600 you earned over the limit). This is separate from the permanent reduction you already received for claiming early.

Work Credits and Minimum Requirements

To receive any Social Security retirement benefit, you must have earned enough work credits. You earn one credit for each $1,730 of wages you earn in a year (this amount changes annually). You can earn up to four credits per year, so you need roughly 10 years of work to earn the 40 credits required for retirement benefits.

The work does not have to be recent. If you worked 10 years at any point in your life and paid Social Security taxes, you likely have enough credits. You can check your work history and credits by creating an account on the Social Security Administration website or by requesting a statement by mail.

If you do not have 40 credits, you cannot claim retirement benefits at any age. However, you may be able to claim benefits based on a spouse's or ex-spouse's work record, or you may become may be able to access for other Social Security programs like disability or survivor benefits.

Spousal and Survivor Benefits Have Different Age Rules

If you are married, you may be able to claim a benefit based on your spouse's work record. The earliest age to claim a spousal benefit is 62, but the reduction is larger than for retirement benefits — typically 32 to 35 percent instead of 25 to 30 percent. You can receive your full spousal benefit at your full retirement age.

If your spouse has died, you can claim survivor benefits as early as age 60 (or age 50 if you are disabled). Surviving children and a surviving spouse caring for children under 16 can claim at any age. These rules are separate from retirement benefit rules and have their own reduction schedules.

If you are divorced, you may be able to claim based on an ex-spouse's record if you were married for at least 10 years, are at least 62, and are not currently married. The rules for spousal and survivor benefits on an ex-spouse's record are similar to those for current spouses.

How to Claim and What Happens Next

You can claim Social Security online through the Social Security Administration website, by phone at 1-800-772-1213, or in person at your local Social Security office. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and bank account information for direct deposit.

The application process typically takes two to four weeks. The Social Security Administration will contact you if they need additional documents. Once approved, your first payment usually arrives within one to two months.

You can change your claim decision within 12 months of claiming if you change your mind — you can withdraw your application and reapply later, though you must repay all benefits received. After 12 months, you cannot withdraw, but you can suspend your benefits at full retirement age and let them grow until age 70 (though this option is no longer available to people born after January 1, 1954).

Frequently Asked Questions

Can I claim Social Security if I am still working?

Yes, but if you claim before full retirement age, your benefit is reduced by $1 for every $2 you earn above the annual limit. Once you reach full retirement age, you can work and receive your full benefit with no reduction. The earnings limit and reduction amounts change each year.

What if I was born outside the United States?

You can claim Social Security if you are a U.S. citizen or have a valid visa or green card. You will need to provide proof of citizenship or legal residency when you apply. Some non-citizens with temporary visas may have restrictions on when they can claim.

Can I change my mind after I start collecting?

Yes, but only within 12 months of your first payment. You can withdraw your application, repay all benefits received, and reapply later at a higher age. After 12 months, you cannot withdraw, though you may be able to suspend benefits at full retirement age to let them grow (depending on your birth year).

How much will I receive each month?

Your benefit amount depends on your lifetime earnings record, the age you claim, and whether you are claiming on your own record or a spouse's record. You can estimate your benefit by creating an account on the Social Security Administration website, which shows your earnings history and projected benefits at different ages.

What if I never worked or have very few work credits?

You cannot claim retirement benefits on your own record without 40 work credits. However, you may be able to claim a spousal or survivor benefit if you are married, divorced (after 10 years of marriage), or a widow or widower, regardless of your own work history.